Thurs Nov 10: Hotline for Seniors on Financial Questions

Send this along to anyone you know who might be interested. It's a one-shot deal only for next Thursday 11/10.

WSJournal November 2, 2011

Calling All Elders: Advocacy Groups Set Up Hotline for Financial Questions

To try to help older people having trouble managing their finances and their families, several advocacy groups are teaming up on (Thursday) Nov. 10 to man a one-day "hotline" to answer medical and financial abuse questions.

From 9 a.m. to 6 p.m. EST (3 hrs ahead of Pacific Time), three different call-in lines will be available:

For GENERAL FINANCE questions, call 888-227-1776 to talk to an expert from the Financial Planning Association. They can point out how to protect older adults from financial fraud and also help initiate a conversation about money with adult children of older parents to help prevent exploitation.

For MEDICAL questions, call 888-303-0430. Health-care professionals will answer questions about medical issues, such as mild cognitive impairment, which can impact older peopleÃ¯Â¿Â½s ability to make sound financial decisions and increase their vulnerability. The professionals can also suggest referral routes for further medical screening.

For FINANCIAL ABUSE questions, call 888-303-3297. Callers can speak with an adult-protective-services professional about elder financial abuse and strategies for keeping themselves or older loved ones independent. Those professionals also can help callers take proper steps if they suspect that a loved one is being financially abused or exploited.

"Financial exploitation is really a huge and almost totally invisible problem," says Kathleen Quinn, executive director of the National Adult Protective Services Association. "It affects not only the victims and their families," but also taxpayers. "What's often not recognized is when [elder-abuse victims'] money has been stolen from them, they're far more likely to go into a nursing home once they've been the victim of elder abuse. And Medicaid has to pick up the tab."